Obama's Economic Legacy?

[JBeukema]

The US government estimates that 25 percent of children in America will soon be living in poverty. On the March 6 installment of the weekly CBS television news program 60 Minutes, reporter Scott Pelley opened with these harsh statistics. He said of the jump in the numbers of children officially in poverty, “that is the fastest fall for the middle classes since the government started counting, 51 years ago.”

The figure of one in four children in poverty is itself is an underestimation. The figure is based on the official US poverty rate of $22,000 a year for a family of four—a ridiculously low sum for a family to live on.
The program cites another record statistic: a total of 1.5 million children, the highest number since the Great Depression, are currently homeless in America.

Poverty, homelessness climb among US schoolchildren

 

[sparky]

#1 Approximately 45 million Americans were living in poverty in 2009.

#2 According to the Associated Press, experts believe that 2009 saw the largest single year increase in the U.S. poverty rate since the U.S. government began calculating poverty figures back in 1959.

#3 The U.S. poverty rate is now the third worst among the developed nations tracked by the Organization for Economic Cooperation and Development.

#4 According to the U.S. Department of Agriculture, on a year-over-year basis, household participation in the food stamp program has increased 20.28%.

#5 The number of Americans on food stamps surpassed 41 million for the first time ever in June.

#6 As of June, the number of Americans on food stamps had set a new all-time record for 19 consecutive months.

#7 One out of every six Americans is now being served by at least one government anti-poverty program.

#8 More than 50 million Americans are now on Medicaid, the U.S. government health care program designed principally to help the poor.

#9 One out of every seven mortgages in the United States was either delinquent or in foreclosure during the first quarter of 2010.

#10 Nearly 10 million Americans now receive unemployment insurance, which is almost four times as many as were receiving it in 2007.

#11 The number of Americans receiving long-term unemployment benefits has risen over 60 percent in just the past year.

#12 According to one recent survey, 28% of all U.S. households have at least one member that is looking for a full-time job.

#13 Nationwide, bankruptcy filings rose 20 percent in the 12 month period ending June 30th.

#14 More than 25 percent of all Americans now have a credit score below 599.

#15 One out of every five children in the United States is now living in poverty.

~<drumroll>~

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.[/COLOR]

 

[KissMy]

Obama's legacy will be:

High Unemployment
High Gas Prices
High Food Prices
High Electricity Rates
High Commodity Prices
The Only US President to Attack 5 Countries
The President that took the USA from Super Power to Irrelevant.
Dropped US from #1 to #2 World Economy.
China has surpassed the USA in every important category.
Low wages
Extending Recession into Depression
Worst Housing Market since records began
Most Jobs outsourced to foreign countries
Largest Deficit
Largest Debt
Letting the most Illegal Alien invade the USA
Largest voter fraud ever
Making Wall-street criminals the richest in history
Stripped away the most freedom from Americans
Imposed the most bans & restrictions
Largest increase in the U.S. poverty rate
The most Americans on food stamps
Highest Gold Prices
Lowest value of the US Dollar

Obama still has 21 months to set more records.

Clinton tops Obama, & others in his administration. Move over, President Obama. You may have won the hearts of the electorate in 2008, but your former primary opponent is stealing them back.

Secretary of State Hillary Rodham Clinton's approval rating has reached 66 percent, her highest during Obama's term and second-highest of all time.

 

[sparky]